Clean Seas highlights that it is stemming losses but still reported a USD 9.3 million loss in its latest half-yearly results. (Photo: FIS)
Clean Seas Tuna reports USD 9.36 mln loss
Friday, February 25, 2011, 23:40 (GMT + 9)
Fish producer Clean Seas Tuna communicated that it is curtailing losses despite reporting a loss of AUD 9.3 million (USD 9.36 million) for its most recent half-yearly results. The company also said it is boosting its efforts to turn into the premiere commercial breeder of southern bluefin tuna (SBT) in the world.
The company’s losses remain: its net after-tax operating loss for the latest half was AUD 9.3 million (USD 9.36 million) compared with a loss of AUD 14.1 million (USD 14.2 million) in the previous corresponding six months. These results are at the top end of the guidance range provided last month and after a AUD 2.9 million (USD 2.92 million) write-down for discontinued product as part of the company’s forward strategy.
“This latest improvement in results is the consequence of operational initiatives introduced by the Company and cost-saving strategies implemented and achieved during 2010. The rate of improvement in reducing losses would have been greater but for the high level of the Company’s exported products being negatively affected by the high Australian dollar,” the company wrote.
Eyre Peninsula-based Clean Seas said in its latest half-yearly report that it is pleased with the progress and performance regarding its new AUD 6.5 million (USD 6.54 million) breeding plant at Arno Bay.
Also, it said that its results thus far are proving superior to those in previous years.
Tuna spawning season took off on 20 January with the oldest fingerlings being moved to nursery tanks this week.
The company hopes the fish will be ready for maturation at sea by mid-March. They are now feeding on kingfish larvae and will soon be weaned onto synthetic feeds.
Clean Seas’ move to improve operations and slash costs led to cuts to its first half operating loss of AUD 4.8 million (USD 4.83 million) in the period to 31 December 2010. It said it anticipates a positive effect on earnings in the current June half-year, as it usually achieves the majority of its growth in biomass in the second half of each financial year during summer and autumn.
- Clean Seas cuts its financial losses
- Clean Seas slammed by USD 12.9 mln loss
By Natalia Real